SEB reported a solid Q4 with the bulk of the growth driven by the increase in the NII thanks to higher deposit margins and stronger volumes. The beat on the top line was nonetheless mostly due to increased trading as all the other elements were mostly in-line with consensus. The excess capital situation has stopped normalising due to the substantial capital generation induced by the quarterly results. The management will continue to execute buybacks in order to reach its target of a 300bp regula ....
